DeepSeek has restarted its second round of financing, planning to raise 500 billion yuan, with a pre-money valuation of about 5 trillion yuan, and the signing is expected to be completed in late August, according to an exclusive report from Caijing. In June this year, DeepSeek completed its first round of 500 billion yuan financing, setting a record for the scale of the first round of financing for domestic large models, with a post-money valuation exceeding 3.5 trillion yuan. Two months later, its pre-money valuation has risen by about 43%, and the total amount after the two rounds of fundraising will exceed 1 trillion yuan. The confidence behind the valuation comes from DeepSeek's billing rules. Artificial Analysis measured that after DeepSeek V4-Flash runs the full set of benchmark tests, the average cost of one task is only 3 cents, while Anthropic's Claude Fable 5 costs 3.15 US dollars and GPT-5.6 Sol costs 1.86 US dollars, making DeepSeek 100 times cheaper than Claude. The output speed of DeepSeek V4 Flash (Max Effort mode) is about 113 tokens per second, while Claude Opus 5 is about 74 tokens per second, nearly 1.5 times faster. In intelligence index, V4-Flash scores 50 points, on par with Google Gemini 3.6 Flash, about 10 points behind Claude Opus